Treasury Committee grills Nikhil Rathi over FCA bonus scheme and fee hikes

Watchdog paid £23m of bonuses in March

clock • 3 min read

Mel Stride, chair of the Treasury Select Committee, has put the FCA's bonus scheme into question and also raised concerns over the watchdog's recent fee hike proposal for financial services firms.

"Your November fee proposals contain a significant uplift for firms' minimum fees," said Stride. "It's quite a hike, certainly in proportional terms." He also highlighted the increase in minimum fees from £1,151 to £2,200 and asked whether the hike would "significantly" affect smaller firms under the FCA's surveillance "given they have got a lot of burdens from a lot of directions, let alone fees". FCA chief executive Nikhil Rathi argued that the fee increase was necessary for the FCA to carry out its supervision. "We signalled in our fee proposal last year a move towards a more...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

Advice firm Holborn Assets under FSCS investigation

Advice firm Holborn Assets under FSCS investigation

Advisory firm went into administration in October this year

Jenna Brown
clock 06 December 2023 • 1 min read
FOS to cut case fee costs and levy bill by £60m next year

FOS to cut case fee costs and levy bill by £60m next year

Latest plan and budget published by financial complaints body

Jenna Brown
clock 06 December 2023 • 3 min read
Chris Davies is founder and director at Model Office

'Targeted, intrusive and assertive': The FCA's new pro-active approach

Latest Dear CEO letter from regulator speaks volumes

Chris Davies
clock 04 December 2023 • 4 min read